Caricom Announces Changes in its Institutions and Policies

Basseterre, (Prensa Latina) The Caribbean Community announced Monday that it will implement structural reforms in the coming months in its institutions and cooperation mechanisms with a view to eliminating bureaucratic barriers and strengthen integration in the area.

At the close of the 32nd Summit of Heads of State and Government of the Organization held in St. Kitts and Nevis, the bloc announced that the review of the General Secretariat will be the first in a series of initiatives to improve governance arrangements within the Community.

The reformulation of the management structure of Caricom will be followed by a review of all organizations and institutions established so far, said the final communiqué of the Summit.

Participants reiterated the importance of ensuring a single market to make the region more competitive and better equipped in order to compete in the global economy.

Participants agreed to review the timetable for full implementation of the Single Economy, even if it means stopping attempts to implement specific mechanisms such as the creation of a regional currency.

Agreements on Monday overturn a more conservative proposal approved by the bloc last May, during a retreat of Heads in Guyana, in which members felt that the negotiation process for a single market would take longer than expected because they needed to create a common currency.

The Single Economy will create a more conducive environment for investment and job creation, Caricom said in the closing statement.